At the beginning of the year, the public offering manager changed frequently. On January 10, Galaxy ** announced that the company's "veteran" He Jing resigned from the post of manager of Galaxy Quarterly Earnings 90-day rolling short-term debt ** due to work arrangements. On the same day, another Bank of Communications Schroder announced the addition of Jiang Chengcao as the manager. It is worth noting that in the 10 days since the beginning of 2024, a total of 80 ** managers behind 152 products (shares are calculated separately, the same below) in the public offering industry have changed their positions. Some industry insiders said that the poor performance of the industry and the industry are facing a major reshuffle, which may become the reason for the frequent changes of managers in early 2024. The addition of a co-manager** can improve the risk management effectiveness of the product to a certain extent.
80 ** managers in 10 days welcome change
On January 10, Galaxy ** issued an announcement saying that He Jing resigned as the ** manager of Galaxy Quarterly Earnings for 90 days on a rolling basis due to work arrangements. From now on, Wu Xinyu officially took office. According to her past experience, Wu Xinyu has nine years of experience in the financial industry, and has worked in Bank of China Shanghai Branch, Bank of China Investment Banking and Asset Management Department, Bank of Shanghai Asset Management Department, Bank of Shanghai Wealth Management Co., Ltd., engaged in fixed income research and investment, and has joined Galaxy since August 2023.
Some practitioners in the public offering market pointed out that He Jing is a "veteran" of Galaxy, and he still serves as the manager of other products of Galaxy after leaving the Galaxy Quarterly Earnings 90-day rolling short-term debt. Wu Xinyu has previously worked in the financial industry, and Galaxy's move may be due to the consideration of cultivating fixed-income managers.
On the same day, Bank of Communications Schroder also issued an announcement on the change of manager, saying that the company's Bank of Communications Schroder Wen'an 30-day rolling holding bonds and other 4 products hired Jiang Chengcao as the manager, of which 3 were co-managed with Huang Yingjie and 1 was co-managed with Lian Duanqing.
If it is extended to the beginning of 2024, the announcement of the change of manager will be more frequent. Flush iFinD data shows that in the first 10 days of 2024, the public offering industry has involved the change of 80** managers behind 152 products. Judging from the reasons for the departure of the ** manager disclosed in the announcement, most of them are personal reasons or work arrangements.
Among them, the ** manager's "clearance" resignation reappeared. On January 3, 13 ** such as Ping An CSI 300 ETF issued ** manager change announcements, and Cheng Jun, the ** manager who has served in Ping An ** for more than six years, resigned for personal reasons. At this point, Cheng Jun's subordinates have no products in charge. Looking back, the scale of Cheng Jun's management reached 214 in the fourth quarter of 20190.2 billion yuan, but as of the end of the third quarter of 2023, its total management scale has fallen to 424.8 billion yuan.
Jiang Han, a senior researcher at Pangu Think Tank, said that the frequent turnover of managers shows that the competition for talents in the industry is becoming increasingly fierce, and major companies are attracting and retaining excellent managers through various means, which may also lead to some managers jumping jobs under performance pressure, career planning and other factors.
Jia Zhi, managing director of Hualin** Asset Management Tribe, also pointed out that the end of the year and the beginning of the year are usually the peak of manager turnover, and the market will be weak in 2023, and the performance of equity products will generally be poor, so the turnover of ** managers at the beginning of 2024 will be particularly high.
Multi-** turn on the "condominium" mode
As mentioned above, 53 of the 152 managers with changes in managerial positions are active equity (including partial equity hybrid, flexible allocation hybrid and ordinary). It is worth noting that the performance of 53 products in 2023 is generally poor, and only Zhongke Wotu Wojia Mixed A C yield is positive, up to. 59%。The yields of the rest of the products were negative, and many of them fell by more than 25%.
In addition, the hiring of additional condominium managers** is also more common in early 2024. On January 4, China Commercial ** announced that China Commercial Selection Returns mixed Cui Zhipeng was hired as the ** manager, which was jointly managed with Zhou Haidong and Sun Wei. ICBC Credit Suisse** announcement on January 6.
It said that ICBC New Energy Automobile Mix hired Zhang Jianfeng as the new manager, so far, the number of managers who manage ICBC New Energy Automobile Mix has reached 4, and the remaining 3 are Du Yang, Zhang Shuli, and Xing Mengxing. According to public data, the scale of the above-mentioned co-management managers is large, and as of the end of the third quarter of 2023, the mixed scale of the selection of Chinese business returns reached 949.9 billion yuan. The mixed scale of ICBC new energy vehicles has also reached 445.1 billion yuan.
Yang Haiping, a researcher at the Institute of Finance and Economics, believes that at present, the proportion of public offerings using the co-management model has increased, especially for large-scale public offerings, and multi-person co-management can improve the stability of management and operation. In addition, different managers have different specialties and have their own focus in the field of asset allocation, which can expand the feasible set (asset allocation horizon) to a certain extent.
In the view of financial commentator Guo Shiliang, the addition of a condominium manager can reduce the risks that may be brought about by a single manager's decision, and the overall risk management awareness can also be improved to a certain extent through additional hiring, however, with the increase in the number of condominants, management efficiency may also decline. "It is expected that the change in the number of manager changes in 2024 depends on the performance of the market environment, and if the market environment is not good, it may accelerate the survival of the fittest in the industry and further increase market competition. Guo Shiliang concluded.